UK Oil Industry Needs Investment and Political Support to Halt Output Decline

The UK could be producing 30% more oil from the North Sea in 2030 than previously expected if investments worth some $25 billion 20 billion pounds are deployed for that purpose. This is according to Offshore Energies UK, formerly Oil and Gas UK, the industry group that earlier today published its Economy & People Report 2024. In the report, the authority also said that with the right political support investment in what it calls offshore energy could rise to over $25 billion from $16.

2 million barrels of oil equivalent but this will fall steeply to just 700,000 barrels daily by 2030, according to forecasts by the North Sea Transition Authority—the industry regulator, as cited by Bloomberg. According to Offshore Energies UK, the decline could be softened to 900,000 bpd if investments keep flowing into the industry, a 30% increase on current estimates. Yet for that to happen, oil and gas operators in the North Sea need a hand from the government.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria Needs $25 Billion in Annual Investment to Stabilize Oil ProductionIt is estimated that Nigeria's oil industry will need $25 billion in annual investments to reach and maintain a production level of 2 million bpd.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Whisky needs to be more accessible in order for the industry to growThe global whisky industry is projected to reach a value of $127bn by 2028. This indicates a robust and expanding market. For consumers, industry players, and investors, there is a significant opportunity to jump on this momentum and change the face of the industry for the better.
Source: The Yorkshire Post - 🏆 39. / 66 Read more »

Carbon Capture Technology Called a 'Boondoggle' for Oil IndustryA recent study criticizes carbon capture technology for extending the life of oil wells, leading to increased fossil fuel use and environmental concerns.
Source: OilandEnergy - 🏆 34. / 68 Read more »

The U.S. Oil and Gas Industry Remains in the Grip of Merger ManiaThe U.S. oil and gas industry experienced merger-mania in 2023, and the momentum continued into the first half of this year with tens of billions of dollars in new deals.
Source: OilandEnergy - 🏆 34. / 68 Read more »

UN and US Officials Ramp Up Attacks on Oil IndustryThe UN chief's impassioned speech condemning the oil industry was not the only one this week.
Source: OilandEnergy - 🏆 34. / 68 Read more »